IFRS: Historical Framework and Study of Financial Instruments

Submitted by Administrator on Fri, 01/06/2012 - 9:53am

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Course Title: IFRS: Historical Framework and Study of Financial Instruments

Description: This webinar will provide the learner with a background relative to the IFRS standard-setters, framework, and the key IFRS standards for insurance companies. After this overview the webinar will cover the current and newly adopted IFRS standards for financial instruments with particular focus on the classification and measurement of financial assets and liabilities.

Topic: IFRS for Financial Instruments

Level: Basic

CPE Credits: 2.5 hours

Prerequisites: None

NASBA publication/revision date: March 2012

Learning Objectives:

Upon completion of IFRS: Historical Framework and Study of Financial Instruments, the learner should be able to:

  • Understand who are the IFRS standard-setters ,the framework of IFRS and identify the key IFRS and IAS standards for insurance companies
  • Describe the hierarchy of IFRS and IAS guidance
  • Understand what IFRS and U.S. GAAP convergence means
  • Describe the current IFRS guidance for financial instruments as required by IAS 39
  • Describe the future IFRS guidance for financial instruments as required by IFRS 9 Phase I and IFRS 13 (Note: Excludes derivatives and impairments as these areas are more advanced and currently revised proposals exposed as part of IFRS 9 Phases II and III)

Outline:

  • Getting Started
  • Learning Objectives
  • Who are the IFRS Standard Setters?
    • International Financial Reporting Standards (IFRS) Foundation
    • International Accounting Standards Board (IASB)
    • Standards Advisory Council (SAC)
    • International Financial Reporting Interpretations Committee (IFRIC)
  • Hierarchy of IFRS and IAS Guidance
  • Key IFRS and IAS Standards for Insurers
  • IFRS and U.S. GAAP Convergence
    • Norwalk Agreement – Memorandum of Understanding
    • Proposed SEC Roadmap to IFRS
  • Existing Standards
    • IAS 39 Financial Instruments : Recognition and Measurement
      • Classification of Financial Assets and Financial Liabilities
      • Fair Value Measurement Considerations Under IAS 39
  • Newly Adopted Standards
    • IFRS 9 Financial Instruments – Phase I:
      • Classification and Measurement of Financial Assets and Liabilities
    • Fair Value Measurement Considerations Under IFRS 13